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Theory of imprevision from the economic and legal perspective of contract analysis

Radu Stefan Patru ()
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Radu Stefan Patru: Law Department of the Bucharest Academy of Economic Studies

Juridical Tribune (Tribuna Juridica), 2011, vol. 1, issue 1, 124-131

Abstract: The new realities of the 21st century ask for a revitalization of the economic and legal systems so as to overcome the effects of the economic crisis. The current economic crisis is at the same time a challenge for the scientific milieu which is called to find the best solutions for the reversal and adaptation of the main scientific institutions. For the legal system, the contract represents an essential factor both theoretically and practically so that the new legislative decisions appear to be as highly important. As a particular case study, we intend to analyse the theory of imprevision both from the theoretical viewpoint and the one of practical consequences that the regulation of this institution might generate in the domestic legislative environment through the provisions of the New Civil Code. Far from our affiliation to the opinions that vividly sustain or reject the regulation of this theory, this article intends to be an objective analysis of the theory of imprevision representing one of the greatest challenges for the New Civil Code.

Keywords: economic analysis of contract; imprevision; imbalance between the parties consideration; adaptation of contracts; the New Civil Code (search for similar items in EconPapers)
JEL-codes: K12 (search for similar items in EconPapers)
Date: 2011
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Handle: RePEc:asr:journl:v:1:y:2011:i:1:p:124-131